One of the most prominent figures in cable news may soon find themselves at risk of being let go from CNN, as executives strategize on how to maintain the network’s profitability in light of declining ratings and revenue.
According to insiders, Anderson Cooper’s nearly 24-year tenure at CNN might be nearing its conclusion, as reports indicate that his position is in jeopardy due to another wave of cost-cutting measures.
Dylan Byers from Puck News was the first to report that Cooper, one of CNN’s highest-paid personalities, has lost some of his former luster since his peak under Jeff Zucker. The seasoned journalist has observed CNN’s decline into its current phase, where CEO Mark Thompson is searching diligently for any potential savings.
Cooper earns a substantial annual salary of $18 million, a figure that is becoming increasingly difficult to defend, particularly as some of his equally prominent colleagues at CNN have either left or experienced significant reductions in their pay. This shift is thought to be led by Gunnar Wiedenfels, the chief financial officer of the parent company, Warner Bros.
The majority of the savings are aimed at areas such as on-air salaries, extensive international bureaus, and high-profile event coverage that has historically been lavishly funded.
Byers also noted that Erin Burnett, another significant figure whose $3 million salary is considerably less impressive, is likely to remain secure for the time being, according to sources.
“There will be a transitional phase during which CNN will retain a few high-profile names through their contracts,” Byers stated. “I suspect Erin is included in that group.”
Employees at CNN’s New York studios and Atlanta headquarters are anxious about the implications of the changes for their career opportunities, the seasoned journalist continues.
“CNN is set to resemble HLN more closely: reduced salaries, tighter budgets, and less ambitious programming,” he stated.
Speculations regarding Cooper’s exit from CNN began to emerge after it was reported that he had signed an agency agreement with CAA, which represents some of the most prominent figures in network television. This action suggested that Cooper might be preparing to leave voluntarily rather than being forced out, according to the Daily Mail.
The decline of a network he played a significant role in establishing as a well-known brand seems to be affecting Cooper, Byers noted. He is allegedly weary of the declining ratings, internal conflicts, and emotional farewells to long-time colleagues who are being let go.
Other employees close to the situation described the environment in the studio as “bleak,” while some voiced their distrust in the leadership to act in the best interest of both on-screen and off-screen staff who have dedicated years to the network.
Wiedenfels, recognized as a pragmatic cost-cutter in the television sector, is endeavoring to transform CNN into a new cable division filled with reality-based content, including HGTV, TBS, TNT, and the Food Network.
Within CNN, employees have started to refer to the new entity as “Sh*t Co.”
Despite their disclosures to the media, no individual at CNN is exempt from Wiedenfels’s initiative to extract profitability from the struggling cable news organization.
“Anchors earning millions annually have targets on their backs,” another insider revealed to Status.
Others pointed fingers at David Zaslav, the Warner Bros. CEO who facilitated the spinoff.
“He ruined it,” another source commented to the outlet. “The past few years under Zas have been catastrophic.”